TORONTO – The board of directors of Berkshire Hathaway Inc. purchased Precision Castparts Corp., the parent company of TIMET, on Aug. 10 for $235 per share in cash in a deal announced on Berkshire Hathaway’s website.

The transaction is valued at approximately $37.2 billion, including outstanding PCC net debt. Berkshire Hathaway Inc.’s chairman and chief executive officer is Warren Buffet.

“I’ve admired PCC’s operation for a long time,” said Buffet through the release. “For good reasons, it’s the supplier of choice for the world’s aerospace industry, one of the largest sources of American exports. Berkshire’s board of directors is proud that PCC will be joining Berkshire.”

“We are very pleased to be joining forces with Berkshire Hathaway,” said Mark Donegan, PCC’s chairman and chief executive officer. “We see a unique alignment between Warren’s management and investment philosophy and how we manage PCC for the long-term. We believe that as part of Berkshire Hathaway, PCC will be exceptionally well-positioned to support our customers’ needs into the future. This transaction offers compelling and immediate value for our shareholders, and allows PCC’s employees to continue to operate in the same manner that has generated many years of exceptional service and performance to our customers.”

John Parker, Toronto mayor, said the acquisition of TIMET by Buffet’s company is a good sign.

“It’s a positive development, and it looks as if the new owner is going to expand, which makes (TIMET) more essential,” said Parker, adding Precision Castparts’ stock rose significantly after the merger was announced.

According to the website, the transaction requires approval by a majority of PCC’s outstanding shares. Closing is expected to occur during the first quarter of calendar year 2016, subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Act and competition clearance in certain foreign jurisdictions.

PCC will continue to do business around the world under the Precision Castparts name and maintain its headquarters in Portland, Ore.

According to its website, Berkshire Hathaway and its subsidiaries engage in diverse business activities, including insurance and reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, retailing and services.

Precision Castparts Corp. is a worldwide, diversified manufacturer of complex metal components and products, according to officials. It serves the aerospace, power and general industrial markets, according to its website. PCC is a market leader in manufacturing complex structural investment castings and forged components for aerospace markets, machined airframe components and highly engineered, critical fasteners for aerospace applications and in manufacturing airfoil castings for the aerospace and industrial gas turbine markets. PCC also is a leading producer of titanium and nickel superalloy melted and mill products for the aerospace, chemical processing, oil and gas and pollution control industries, and manufactures extruded seamless pipe, fittings and forgings for power generation and oil and gas applications.

Attempts for comments from TIMET officials concerning the acquisition were unsuccessful.

(Miller can be contacted at mmiller@heraldstaronline.com.)